The city's annual budget, as approved by the Common Council, determines the amount of property taxes you pay to the city each year. If you are a home, business, or property owner, you will pay your property taxes in annual or semi-annual installments. Even if you are a tenant, a portion of your rent will go towards paying the property taxes on the building in which you reside.
Factors that influence the amount of property taxes you pay include:
City budgeted revenues and expenditures
Public and vocational schools
Property tax can be calculated by using the following equation:
Property Tax = (Assessed Property Value x Property Tax Rate) ÷ 1,000
Please note that, if applicable, other charges, such as local improvement charges (i.e., sewer connection fees or special assessments) may be added to the tax bill.